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Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
In: NBER Working Paper No. w21060
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THE EFFECT OF EXCHANGE RATE CHANGES ON CHINA'S LABOUR‐INTENSIVE MANUFACTURING EXPORTS
In: Pacific economic review, Band 14, Heft 3, S. 398-409
ISSN: 1468-0106
Abstract. Chinese policy‐makers fear that an RMB appreciation will reduce low technology exports. We investigate this issue using data on China's exports to 30 countries. We find that an appreciation of the RMB would substantially reduce China's exports of clothing, furniture and footwear. We also find that an increase in foreign income, an increase in the Chinese capital stock, and an appreciation among China's competitors would raise China's exports. Because Europe is the second leading exporter of labour‐intensive manufactures behind China, these results indicate that the appreciation of the euro relative to the RMB since 2001 has crowded out European exports.
Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes
In: American economic review, Band 105, Heft 5, S. 432-436
ISSN: 1944-7981
In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors.
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Working paper
Defined Contribution Pension Plans: Sticky or Discerning Money?
In: NBER Working Paper No. w19569
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Risk Shifting and Mutual Fund Performance
In: NBER Working Paper No. w14903
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Working paper